Your Opinions Requested, Please

[drlove]

I had a meeting with my financial advisor last week to review my investment portfolio. Overall, things are looking good. I've been trying to come up with strategies to invest more money; one is to spend less. By this I mean taking less trips and seeing escorts here on the east coast, where the hourly rates are cheaper - almost half of the going rate in T.O.

I could conceivably save and/or invest an extra five or ten thousand a year by doing this. While this may seem relatively inconsequential, over the course of 30 years at an average rate of return of say, 8%, the difference in the sheer amount of cash I'll have can be substantial. Now, some people I've talked to say not to worry about it, I'll be fine, I'm investing too much etc..

I wonder, what do the rest of you think?? Is it worthwhile in your opinion to forego some luxuries now, to have more cash later or is it better to take a casual approach and take care of present wants first??

 

[stinkynuts]

NO, it is not worth it. What is the point of life? Enjoy it while you can. There may not be a tomorrow. There is no point in penny pinching and being a miser and then dying with all your money. Enjoy life to the fullest by taking those well-deserved trips and seeing the escorts. You will look back and have fond memories. Enjoy your money while you can.

But at the same time, spend wisely. There is a fine line between frugality and being miserly.

 

[phelan]

Well you have to think about where your heading with your life. Only you can decide. Whether you have children or an SO or somebody to support etc. All those factors come in to play.

My only advice is diversify your portfolio. It's a little more conservative but if you play it right you'll almost always be on top.

 

[holden]

I had a meeting with my financial advisor last week to review my investment portfolio. Overall, things are looking good. I've been trying to come up with strategies to invest more money; one is to spend less. By this I mean taking less trips and seeing escorts here on the east coast, where the hourly rates are cheaper - almost half of the going rate in T.O.

I could conceivably save and/or invest an extra five or ten thousand a year by doing this. While this may seem relatively inconsequential, over the course of 30 years at an average rate of return of say, 8%, the difference in the sheer amount of cash I'll have can be substantial. Now, some people I've talked to say not to worry about it, I'll be fine, I'm investing too much etc..

I wonder, what do the rest of you think?? Is it worthwhile in your opinion to forego some luxuries now, to have more cash later or is it better to take a casual approach and take care of present wants first??

It really depends on what stage of life you are in

If you want a early retirement then you should invest heavily for the future at the earliest possible time

but here's good way, calculate what you require to live your life once you retire or once you have no inflow of cash and you are require to live off your investments

say for example you need 100K a yr to live your lifestyle(when you retire) and say you live 20 yrs after you retire, you woulld need to include the time value of money discounted at the borrowing rate

and the difference btwn what you have in your investments currently and what you require after retirement is the gap you have to filled

It could be filled by saving more if it's a big gap or saving less if it's a little gap(assuming you have future-valued it using appropriate interest rates)

It's about that gap